Nejc Kodrič, the CEO of European based crypto exchange Bitstamp, has confirmed that the company has been acquired by a European subsidiary of the NXC Corp, a South Korean corporation. However, Kodrič will remain the CEO of the exchange.
The Korean company also owns Korbit, the fourth largest crypto exchange in Korea and Nexon, a gaming giant.
NXMH Acquires Bitstamp
On Monday the oldest existing crypto exchange in Europe announced that it had been acquired by NXMH a Belgium based investment company. NXMH is a subsidiary of NXC Corp, a South Korea based conglomerate.
In a blog post, Nejc Kodric wrote:
“Bitstamp has been regularly approached by suitors for quite some time. The reason why we finally decided to sell the company is a combination of the quality of the buyer, the quality of the offer and the fact that the industry is at a point where consolidation makes sense.”
Speaking to Reuters, he said that there was no active effort to go around and solicit buyers.
Also, he told the Financial Times that Bitstamp had been approached by four serious buyers last year including those from the US and China.
However, he opted to go with NXMH because the company will allow the Luxembourg based exchange to operate as it is. He added that another significant factor in agreeing to the sale was the fact that the mission, leadership, and vision of the company would remain the same. He said, “I want to assure you that Bitstamp remains Bitstamp … It is business as usual here.”
In the announcement, Kodrič emphasizes that customers of the exchange should expect improvements in customer service, user experience, trading functions, and other operations.
According to Reuters, the all-cash deal was signed on October 25 by representatives of the two companies. Before the acquisition, the company’s shares were held equally between the crypto exchange’s two founders and Pantera Capital Management, a hedge fund.
The Financial Times Wrote:
“Kodrič and Pantera will retain 10 and 6 percent stakes respectively, while NXMH will own the rest of the company.”
Even though the details of the sale are yet to be disclosed, the deal is believed to be worth around $400 million.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.